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View all search resultsUS, RI sign infrastructure financing deal
The United States Treasury Secretary Steven T. Mnuchin and Indonesian Finance Minister Sri Mulyani Indrawati have signed an agreement to bolster cooperation between the two countries on infrastructure development.
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U
nited States Treasury Secretary Steven T. Mnuchin and Indonesian Finance Minister Sri Mulyani Indrawati have signed an agreement to bolster the two countries’ cooperation on infrastructure development.
The Cooperation Framework to Strengthen Infrastructure Finance and Market Building, signed by the ministers remotely on Friday, is designed to support infrastructure development through market-oriented, private-sector investment.
Under the new framework, both countries will address regulatory, market and legal barriers to private-sector investment by focusing on the development of financial instruments, project financing, the local debt market and capital markets.
“Infrastructure development is critical to economic growth and long-term recovery from the effects of COVID-19. This framework supports economic growth and our shared goals to meet infrastructure needs,” said Mnuchin in a statement released by the US Embassy in Jakarta on Friday.
The working group established under the agreement will hold its first meeting virtually on Sept. 22 and 23.
President Joko “Jokowi” Widodo has made the development of basic infrastructure, such as roads, airports, seaports and telecommunication, one of his top priorities since 2014.
During his annual address to the House of Representatives on Aug. 14, Jokowi vowed to allocate Rp 414 trillion (US$27.7 billion) of the 2021 state budget draft for infrastructure development, focusing on economic recovery, the provision of basic services and connectivity improvement. The proposal marked a 47 percent increase from the 2020 state budget.
